UPDATE: As of 4:00 p.m. on Tuesday, April 30, the deal has been signed and is official.

Galaxy Communications will sign a five-year extension with Syracuse University to continue to broadcast Syracuse University football, basketball, and lacrosse.

Ed Levine, the CEO of Galaxy, first made the announcement on Saturday at the 14th annual Basket Ball Gala at Turning Stone Resort and Casino. Levine and his wife Pam were honored at the event.

Sources close to the deal say details are still being worked out, but could be formally announced as soon as this week. Galaxy has held the radio broadcast rights for SU Sports since 2007.

"I have been in the athletic business sometime now and I will tell you Ed Levine and Galaxy have provided us radio services that go well beyond expectations," said Syracuse University Athletic Director Daryl Gross. "They understand the local and global market place as it relates to Syracuse athletics and they have been incredibly creative in terms of marketing the program,"

IMG college will continue to produce the broadcasts for Galaxy. IMG contracts with SU for the rights to market its sports teams through radio play-by-play programming, coaches’ shows on radio and television, event marketing, game-day promotions, publications and Internet sponsorship.

According to the latest figures reported in Syracuse University’s Form 990, which nonprofit organizations must file with the Internal Revenue Service each year, $1 million of Jim Boeheim's $1.9 million dollar salary is paid by IMG. $800,000 of Doug Marrone's nearly $1.1 million was paid by IMG. Figures for new football coach Scott Shafer's salary were not available.

TK99 is currently the flagship station of Syracuse University football and basketball.

ESPN Radio 97.7/100.1 (which also transmits at 1200 and 1440 AM) simulcasts SU football and basketball. ESPN radio also carries Syracuse University men's lacrosse games and SU women's basketball.

Syracuse University coaches Scott Shafer, Jim Boeheim, and John Desko make appearances on various shows across the stations owned by Galaxy, which in addition to TK99 and ESPN Radio, include KROCK (100.9 FM) and Sunny 102 in the Syracuse area and 96.9 WOUR and Mix 102.5 in Utica.

Shafer and Boeheim also do weekly radio call-in shows during the football and basketball seasons. Those shows and the game broadcasts are distributed to stations across New York State.

Matt Park will continue as the lead play-by-play voice of Syracuse football and basketball. Park has been the "Voice of the Orange" since 2003.